According to a report by the supervisory board of Vietnam Airlines, Pacific Airlines is expected to generate revenue of more than VND 453 billion (approximately USD 17.4 million) in 2025.
The airline's operating costs are estimated at VND 1.018 trillion (approximately USD 39.2 million), with air transport activities accounting for nearly 41 per cent, or VND 417.5 billion (approximately USD 16.1 million). The remainder consists of expenses such as penalty interest on overdue payments and aircraft leasing costs.
After expenses, Pacific Airlines is projected to record a loss of more than VND 565 billion (approximately USD 21.7 million) for the year.
As of December 31, 2025, the Vietnam Airlines subsidiary had accumulated losses of VND 10.675 trillion (approximately USD 411 million). Years of losses have pushed shareholders' equity into negative territory, reaching minus VND 6.604 trillion (approximately minus USD 254 million).
The airline also carries overdue liabilities of nearly VND 4.528 trillion (approximately USD 174 million). According to the supervisory board, the situation exposes the company to potential legal action from aircraft lessors and creditors, debt recovery measures and additional financial obligations.
Vietnam Airlines owns 98.84 per cent of Pacific Airlines' charter capital. The national carrier has fully provisioned its investment in the airline, valued at VND 633 billion (approximately USD 24.4 million), and is developing a plan to transfer its entire stake.
Pacific Airlines operates as a low-cost carrier within the Vietnam Airlines group, focusing primarily on domestic routes and offering basic services designed to keep fares affordable.
Between 2020 and 2023, the airline recorded annual losses amounting to trillions of dong. In 2024, however, Pacific Airlines unexpectedly reported a profit of more than VND 2.5 trillion (approximately USD 96 million).
The profit was largely driven by negotiations with aircraft lessors, under which the airline returned its fleet and received debt forgiveness on aircraft lease payments and late-payment penalties worth around VND 4.284 trillion (approximately USD 165 million).
Since then, Pacific Airlines has leased aircraft from Vietnam Airlines to maintain operations. Last year, the carrier operated an average of 2.6 aircraft under a flight cooperation agreement with its parent company.